Fund Urges Whiting Petroleum To Shed Royalty Trust Stake

Law360, New York (September 20, 2013, 4:16 PM EDT) -- A hedge fund urged Whiting Petroleum Corp. on Thursday to sell its minority stake in an oil and gas royalty trust, saying the trust is overvalued and will cost Whiting shareholders in the end.

Galbraith Global Investment Management LP has no reportable position in Whiting, but is short the trust, known as WHX, which was formed by Whiting in 2008 to acquire royalties from energy leases.

Whiting, the second-largest oil producer in North Dakota's Bakken shale formation, owns 15.77 percent of the trust, a stake worth...
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